ZKSwap Completes Deployment of V2 on BSC Mainnet

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ZKSwap Completes Deployment of V2 on BSC Mainnet

CFO Tech Outlook | Tuesday, September 07, 2021

ZKSwap team has completed the deployment of V2 on the Binance Smart Chain (BSC) mainnet as part of the Layer2 ecosystem's ongoing expansion.

FREMONT, CA: As part of the Layer2 ecosystem's ongoing expansion, the ZKSwap team has completed the deployment of V2 on the Binance Smart Chain (BSC) mainnet. The extension is accomplished using zero-knowledge proof technology by packaging and combining transactions on the Layer2 network and presenting the data on-chain. After aggregation, every transaction data is still captured on the Layer 1 network, protecting the security of users' funds. Compared to trading on the Layer1 network, users can benefit from faster transaction speeds and lower transaction costs.

Unlike Ethereum's V2 protocol, the BSC ZKSwap V2 will accept BNB, USDT, and BUSD as payment choices. With respect to listed token types and the mainstream tokens, ZKSwap will list renowned BSC chain tokens like CAKE. Users of the BSC ZKSwap V2 can now use the infinite token listing feature.

Every transaction, trading, withdrawing, liquidity adding, liquidity removal, participation in mining, and other BSC ZKSwap Layer2 operations are free of Gas fees for users. Depositing from Layer 1 (BSC network) to Layer 2 (ZKSwap V2) takes around 5 minutes while withdrawing from Layer 2 to Layer 1 takes about 20 minutes.

Background

As the crypto market has gained mainstream attention, it has attracted a significant number of users and capital, ZKSwap, as a substantial participant of Ethereum Layer2, has implemented the DEX protocol at Ethereum for over six months, resolving the Ethereum network's congestion and excessive gas prices, and has had positive outcomes.

At the exact moment, Ethereum's restricted access to the prominent DApp market has allowed for the creation of alternative EVM compatible chains. BSC has performed exceptionally among the networks, with its fast-growing ecosystem and total locked value ranking second in the market, behind Ethereum.

But when the unit price of Binance Coin (BNB - Binance's native currency) rises, so does the gas fee for every transaction on BSC (Binance Smart Chain). A single transaction can cost nearly more than 0.5 BNB (about $249) at the time of writing, a costly fee that high-frequency traders and retail miners can no longer afford.

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